Any Other Business - 16/01

Gabriella Griffith is diary editor for City A.M. She can be contacted at gabriella.griffith@cityam.com.

Gabriella Griffith

A CLASSIC case of mistaken identity was welcome news for a little known US-listed company called Nestor on Tuesday when its stock rocketed 1,900 per cent, having been confused for Google’s latest acquisition Nest. The news of Google’s £3.2bn purchase on Monday sent investors racing to the markets to get a slice of home automation firm Nest and on spotting the ticker NEST, made an unfortunate assumption and piled straight in. Nestor, which builds automated traffic enforcement systems is still enjoying the aftermath of the snafu – trading at 4 cents, up from 0.2 cents on Monday. We wonder if it’s the same investors who mistook Tweeter Home Entertainment (TWTRQ) for Twitter (TWTR) back in October causing the bankrupt company’s stocks to shoot up 700 per cent? Doh!